Desk
Share
Swiggy IPO: Indian food delivery platform Swiggy Limited is considering applying for its IPO this week. Earlier, the company received approval from its shareholders for its IPO, and now the company is waiting for the final approval. According to a Bloomberg report, Swiggy can raise more than $ 1 billion (Rs 8390.5 crore) through the IPO. The Bengaluru-based company is waiting for approval from India's SEBI before applying for the IPO.
What will Swiggy do with the IPO funds?
Earlier in April, Swiggy received approval from shareholders for an IPO of up to $1.25 billion (Rs 10488 crore). According to a Reuters report, Swiggy plans to use the funds from its IPO to compete with Zomato in the rapid commerce market by expanding its Swiggy Instamart business and opening new warehouses.
Partner with over 1.5 lakh restaurants
Swiggy - which launched in 2014, delivers food in the world's most populous country. It has partnerships with more than 150,000 restaurants in India. The company competes with notable companies such as Zomato Ltd., the Indian unit of Amazon.com Inc., and Tata Group's BigBasket.
Let us tell you that Softbank Group Corporation has invested in Swiggy.
--Advertisement--
